Marathon Digital (NASDAQ:MARA) Stock Price Down 4.9%

Marathon Digital Holdings, Inc. (NASDAQ:MARA - Get Free Report)'s stock price fell 4.9% during mid-day trading on Friday . The company traded as low as $16.64 and last traded at $16.73. 12,614,100 shares changed hands during trading, a decline of 83% from the average session volume of 76,039,617 shares. The stock had previously closed at $17.60.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. BTIG Research raised Marathon Digital from a "neutral" rating to a "buy" rating and set a $27.00 price target for the company in a research report on Wednesday, January 17th. HC Wainwright restated a "buy" rating and set a $35.00 target price on shares of Marathon Digital in a report on Tuesday, March 19th. JPMorgan Chase & Co. lifted their price target on shares of Marathon Digital from $16.00 to $16.50 and gave the company an "underweight" rating in a research note on Wednesday. Chardan Capital boosted their price target on shares of Marathon Digital from $26.00 to $30.00 and gave the stock a "neutral" rating in a research report on Monday, March 4th. Finally, StockNews.com upgraded Marathon Digital from a "sell" rating to a "hold" rating in a report on Friday, March 8th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $21.11.

Marathon Digital Stock Down 8.5 %

The firm has a market cap of $4.31 billion, a price-to-earnings ratio of 19.15 and a beta of 5.36. The firm has a fifty day simple moving average of $22.25 and a 200-day simple moving average of $17.14. The company has a debt-to-equity ratio of 0.20, a quick ratio of 30.51 and a current ratio of 30.50.

Marathon Digital (NASDAQ:MARA - Get Free Report) last announced its quarterly earnings results on Wednesday, February 28th. The business services provider reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.07). Marathon Digital had a net margin of 48.93% and a negative return on equity of 4.61%. The company had revenue of $156.77 million during the quarter, compared to analyst estimates of $138.15 million. As a group, sell-side analysts expect that Marathon Digital Holdings, Inc. will post 0.02 EPS for the current year.

Institutional Investors Weigh In On Marathon Digital

Several institutional investors and hedge funds have recently bought and sold shares of the company. Osaic Holdings Inc. raised its position in shares of Marathon Digital by 11.0% in the 2nd quarter. Osaic Holdings Inc. now owns 7,676 shares of the business services provider's stock valued at $116,000 after buying an additional 762 shares in the last quarter. Captrust Financial Advisors raised its position in Marathon Digital by 5.9% during the second quarter. Captrust Financial Advisors now owns 16,738 shares of the business services provider's stock valued at $232,000 after purchasing an additional 928 shares in the last quarter. Intrepid Financial Planning Group LLC lifted its stake in Marathon Digital by 4.1% during the fourth quarter. Intrepid Financial Planning Group LLC now owns 23,610 shares of the business services provider's stock worth $555,000 after purchasing an additional 930 shares during the last quarter. Private Advisor Group LLC boosted its holdings in shares of Marathon Digital by 6.1% in the 1st quarter. Private Advisor Group LLC now owns 17,709 shares of the business services provider's stock valued at $495,000 after purchasing an additional 1,015 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of Marathon Digital by 17.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 6,736 shares of the business services provider's stock valued at $93,000 after purchasing an additional 1,019 shares during the last quarter. Institutional investors own 44.53% of the company's stock.

About Marathon Digital

Marathon Digital Holdings, Inc operates as a digital asset technology company that mines digital assets with a focus on the bitcoin ecosystem in United States. The company was formerly known as Marathon Patent Group, Inc and changed its name to Marathon Digital Holdings, Inc in February 2021. Marathon Digital Holdings, Inc was incorporated in 2010 and is headquartered in Fort Lauderdale, Florida.